Russia Proposes New Rules for Cryptocurrency Accounting

The Bank of Russia has proposed new rules for accounting and reporting on cryptocurrency transactions. The draft directive will affect brokers, management companies, Forex dealers, and crypto exchanges in Russia.

Under the proposed rules, professional market participants will be allowed to include cryptocurrencies in their prudential standards calculations, but only up to a limited 25% of the value of assets accepted for calculation.

The Bank of Russia proposes to consider only Bitcoin, Ethereum, and other cryptocurrencies admitted to trading on exchanges. These digital currencies must not exceed 25% of the value of assets accepted for calculation, and their value must be accounted for in crypto depositories.